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Boards that have resisted the rising tide of corporate deals are likely to face more pressure to act in the face of bulging coffers.

The amount of cash sitting on corporate balance sheets has reached $5.6 trillion, providing an overwhelming imperative for companies to carry out more mergers and acquisitions this year.

Research compiled by Hogan Lovells, the law firm, suggested that after several years of “perfect storm” conditions for a glut of M&A, the incentive for executives to act might finally be feeding through into activity.

Global M&A activity has been surging this year, rising by more than a fifth